Bitwise launched a Solana ETP, BSOL, in Germany, offering high staking returns and low ownership costs. This move follows its Delaware trust registration, signaling plans for a U.S. Solana ETF.
With the symbol BSOL, Bitwise, a cryptocurrency asset management company, has launched a Solana staking exchange-traded product (ETP) in Europe. This is less than a month after Bitwise announced its plan to launch a Solana ETF in the United States by registering a statutory trust in Delaware.
Goal of Solana ETP
The goal of the fully backed ETP BSOL, which was launched in Germany, is to offer the best performance, the lowest total cost of ownership, and the largest staking returns. With its benchmark set against the Compass Solana (SOL) monthly index, it provides investors with a transparent framework for evaluating performance.
The CEO and co-founder of Bitwise, Hunter Horsley, discussed the company’s entry into the European market.
“At Bitwise, we continue expanding our product suite to provide investors with access to the opportunities in crypto. Solana is one of the rising star assets in the space, and we’re thrilled to be launching BSOL, the third staking ETP we are launching this year, after the Ethereum and Aptos staking ETPs.”
The Solana staking incentives that the network gives to validators in return for their blockchain usage come from SOL issuance. In order to compete for staked SOL, validators provide stakers with various incentives. According to Solana Compass, the incentive rate for stakers is roughly 8% annually.
With a 0.85% annual management fee, Bitwise plans to give investors 6.48% of the staking returns on its BSOL ETP.
In 2024, Bitwise’s total customer assets topped $12 billion, indicating the company’s significant growth. Following Bitwise’s acquisition of leading crypto asset management company ETC Group, BSOL is the second product to be made available in Europe.
